Gold Express Buys Atlanta Company for $12.5 Million
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NEWPORT BEACH — Gold Express Corp. said Tuesday it has acquired GlobalTelCom Inc., an Atlanta-based telecommunications company, for $12.5 million.
Gold Express, which has not reported any revenue in its five years as a publicly traded company, said it expects the acquisition to provide $25 million in annual revenue and $4 million in income.
Greg Gilbert, president of the Newport Beach company, said the company was a mining concern that spent years acquiring properties. It had intended to begin production, but fell short of capital.
In April, Gilbert’s SmartCom International acquired the mining company, sold its properties and changed it into a holding company for telecommunications businesses.
Gold Express has since been delisted from Nasdaq and now trades over the counter at 81 cents a share.
GlobalTelCom provides telephone-related services such as 800 numbers and telephone debit cards.
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